Provalis to buy Pfizer drug for $14.5M
Provalis has agreed to buy the British rights to Pfizer's off-patentonce-daily, orally-administered, non-steroidal anti-inflammatory drug, Diclomax (diclofenac), for the treatment of arthritis, for L14.5 million ($20.6 million). Provalis will make an initial cash payment of L1.9 million, with the balance paid off in weekly installments over three years, plus a further payment of L800,000 for stocks. Also, Provalis' chief executive, Phillip Gould, told Reuters that "this will double the turnover of our health care division and will provide a substantial revenue stream to fund our R&D."
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